Connor Clark & Lunn Investment Management Ltd. Invests $297,000 in Calavo Growers, Inc. $CVGW

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired 12,362 shares of Calavo Growers, valued at approximately $297,000, representing 0.07% of the company's stock.
• Calavo Growers reported a quarterly EPS of $0.40, falling short of analysts' estimates, with revenue rising 3.3% year-over-year but still below expectations.
• The company announced a quarterly dividend of $0.20, yielding 2.9%, while its dividend payout ratio is currently at 137.93%.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Calavo Growers, Inc. (NASDAQ:CVGW - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,362 shares of the company's stock, valued at approximately $297,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.07% of Calavo Growers as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in CVGW. Squarepoint Ops LLC lifted its position in shares of Calavo Growers by 363.0% during the fourth quarter. Squarepoint Ops LLC now owns 78,538 shares of the company's stock worth $2,003,000 after purchasing an additional 61,574 shares in the last quarter. Penn Capital Management Company LLC raised its holdings in Calavo Growers by 54.0% in the fourth quarter. Penn Capital Management Company LLC now owns 168,344 shares of the company's stock valued at $4,293,000 after acquiring an additional 58,995 shares in the last quarter. D. E. Shaw & Co. Inc. raised its holdings in Calavo Growers by 46.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 180,268 shares of the company's stock valued at $4,597,000 after acquiring an additional 57,575 shares in the last quarter. Algert Global LLC acquired a new stake in Calavo Growers in the fourth quarter valued at approximately $1,317,000. Finally, Teacher Retirement System of Texas raised its holdings in Calavo Growers by 390.5% in the first quarter. Teacher Retirement System of Texas now owns 60,533 shares of the company's stock valued at $1,452,000 after acquiring an additional 48,193 shares in the last quarter. Institutional investors and hedge funds own 81.30% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Calavo Growers from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Calavo Growers currently has an average rating of "Buy" and a consensus target price of $35.00.

Calavo Growers Price Performance

Calavo Growers stock traded down $0.25 during midday trading on Monday, reaching $27.54. The company's stock had a trading volume of 174,906 shares, compared to its average volume of 170,392. Calavo Growers, Inc. has a fifty-two week low of $21.46 and a fifty-two week high of $30.02. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.54 and a current ratio of 2.00. The stock's 50 day simple moving average is $26.98 and its 200 day simple moving average is $25.64. The firm has a market capitalization of $491.31 million, a PE ratio of 47.48 and a beta of 0.42.

Calavo Growers (NASDAQ:CVGW - Get Free Report) last released its earnings results on Monday, June 9th. The company reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.53 by ($0.13). Calavo Growers had a net margin of 1.50% and a return on equity of 11.79%. The business had revenue of $190.55 million during the quarter, compared to analyst estimates of $192.75 million. During the same period last year, the business posted $0.50 EPS. Calavo Growers's revenue was up 3.3% compared to the same quarter last year. On average, equities research analysts forecast that Calavo Growers, Inc. will post 1.87 earnings per share for the current year.

Calavo Growers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 30th. Stockholders of record on Monday, June 30th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, June 30th. Calavo Growers's payout ratio is 137.93%.

Calavo Growers Profile

Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery and foodservice customers, club stores, mass merchandisers, food distributors, and wholesale customers worldwide. It operates through Grown and Prepared segments. The Grown segment distributes tomatoes and papayas; and procures avocados grown in California, Mexico, Peru, and Colombia.